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Economic growth in Zambia is projected to accelerate to 6.4% next year, up from 5.8% this year, primarily driven by its mining and agriculture sectors, according to the finance ministry.
The Southern African nation’s economy is recovering from a severe regional drought that impacted growth last year, following prolonged debt-restructuring negotiations.
The finance ministry’s medium-term budget plan forecasts a 6.5% rise in gross domestic product in 2027 and 5.1% in 2028.
The government plans to focus on increasing electricity supply from sources like solar power, acknowledging the significant impact the recent drought had on hydropower generation and industrial productivity.
Regarding copper, a key export, production is projected to exceed 1 million metric tons next year, 1.2 million metric tons in 2027, and over 1.3 million tons in 2028, as outlined in the budget plan.
President Hakainde Hichilema’s government aims to boost copper output and is targeting close to 1 million tons this year after strong first-quarter production. Recently, First Quantum Minerals completed a $1.25 billion expansion project at its Kansanshi copper mine and Enterprise nickel operations.
